United Wholesale Mortgage (UWM), the Detroit-based top wholesale and purchase lender, on Saturday announced the launch of three new tools for independent mortgage brokers during the fifth annual Fuse event in Las Vegas hosted by the Association of Independent Mortgage Experts (AIME).
The three tools include UClose 3.0; Title Review and Closing (TRAC); and Safe Check.
UClose 3.0 is an updated version of the company’s UClose 2.0 platform, which it launched in 2018. UWM said it has improved “the entire user experience to create a sleek, enhanced system that offers hybrid closings and streamlined virtual closings, giving borrowers the ability to close anywhere, anytime, on any device.”
The updated platform, it said, provides more transparency and visibility to key information and allows brokers to choose from three closing options on their borrower’s behalf: an in-person close, a hybrid close, or a virtual close.
With UClose 3.0, UWM said, it will now take only minutes to move from clear to close to a final closing package.
The second tool introduced was TRAC, which UWM described as entirely new to the industry, offering an alternative to the traditional title and closing process.
“This exclusive tool provides a streamlined experience, plus significant savings for the borrower by removing the need for Lender Title Policy, and reducing title and closing fees,” the company said.
With TRAC, brokers will be able to review title and closing documents, check to make sure the title is clear, and then help facilitate the closing process, “making it simple and convenient for brokers and their borrowers,” UWM said
“UClose 3.0 and TRAC are changing the way we do closings,” UWM CEO Mat Ishbia said. “These exclusive offerings will allow for a faster, cheaper, and more efficient experience for all parties involved. Brokers now have access to a more streamlined platform that will guide them through the closing process step-by-step with more transparency, smarter technology, and increased control.”
The third tool UWM announced was Safe Check, which Ishbia said will allow borrowers to get an appraisal waiver pre-check before submitting their loan, saving time during the initial borrower approval process.
Early approval helps borrowers move ahead with certainty on cost and prevents trigger leads through a soft credit check that doesn’t impact FICO scores, UWM said.
“UWM continues to arm its brokers with the best tools to help them grow their business for the long-term,” Ishbia said. “Safe Check benefits both the broker and the borrower during that initial approval process by providing unmatched certainty and transparency.”
The launch of the three new products follows UWM’s launch in August of standalone and piggyback home equity lines of credit (HELOCs) and temporary rate buydowns.
In addition, in September UWM said it will increase its conforming loan limits ahead of the anticipated increase for 2023 to be announced by the Federal Housing Finance Agency (FHFA) in November. That announcement came one day after its crosstown rival, Rocket Pro TPO, announced the same thing.
